FTSE Up On Mining Sector Strength; Chinese Tie-Up Talks Push Up Tesco

UK shares were up this morning, boosted by a strong set of Chinese trade data which indicated that Chinese exports and imports rose by more than expected in July.

This was of particular support to the mining sector, which rose over 2% as China is the world’s top metal consumer. Mining stocks have dominated the top five FTSE leaderboard, led by Randgold Resources, who were up 3.12%, joined by Fresnillo, Vedanta, Anglo American and Rio Tinto.

It was also a positive morning for Tesco (TSCO.L), after the UK supermarket giant said it was in talks with China’s largest retailer over combining their operations in the country.

The FTSE opened at 6551 up 30 points, and Dow futures were down 50 points as there was uncertainty over when the US Federal Reserve might start scaling back its stimulus programme which has supported global assets.

In currencies, the pound was up against the dollar, euro and yen. We are not expecting any high importance economic figures today, so traders will now be looking ahead to next week.

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